According to a Bloomberg Report: Crypto-focused asset manager Pantera Capital, with assets of $5.2 billion under management, is soliciting investments from large investors. The intent is to purchase highly discounted Solana tokens from the currently bankrupt digital asset exchange, FTX's estate.
According to marketing materials seen by Bloomberg, Pantera Solana Fund has the potential to acquire up to $250 million worth of SOL tokens from the FTX estate. To buy SOL at a 39% discount beneath a 30-day average price or $59.95 per token, investors must commit to a vesting period that could extend up to four years.
FTX's estate holds 41.1 million SOL tokens, equivalent to roughly 10% of the total supply. The proposal from entities like Pantera could assist FTX liquidators under John J. Ray III in releasing SOL and freeing up funds for creditors without instantly sporting a negative effect on the token's price. The estate doesn't comment on the matter, and Pantera hasn’t immediately responded.
FTX co-founder and previous CEO, Sam Bankman-Fried, who is awaiting sentencing on several fraud charges, was a considerable benefactor of the Solana network. SOL's value has catapulted nearly 650% in the past year with the crypto bull market's acceleration, positioning the FTX estate to amass funds for repaying creditors. The coin's current trading rate exceeds four times its initial price when FTX collapsed in November 2022.
Pantera aimed to wrap up the fund by February's end as per the investor pitch. It was successful in raising some amount by the deadline, but the exact figures remain undisclosed. Investors must invest a minimum of $25 million each. They should be aware that the SOL tokens will initially be locked and will vest gradually over four years. Pantera plans to levy a management fee of 0.75% and a performance cut of 10%, according to the materials.
